ENG Lending is committed to helping you understand and compare home mortgage loan options. So we've compiled a list of some common questions about mortgages that we frequently hear from our customers. If you don't find the answer you are looking for, please contact us or chat with a live ENG loan specialist right now!

What is the typical home loan process?
What's the difference between pre-qualification and pre-approval?
Once I sign my application am I committed to borrowing money?
Internet Statements- Can I use them?
Who orders the appraisal and survey, and when is it ordered?
What does "locking my rate" mean?
Do you "sell" your loans?
What are origination and discount points?
What is APR? (Annual Percentage Rate)

What is the typical home loan process?
A typical home mortgage loan process consists of 10 easy steps:

1. Complete the pre-qualification worksheet
2. Pre-purchase consultation with an ENG home mortgage loan specialist
3. Gather and prepare necessary documents
4. Receive credit approval
5. Obtain a property inspection
6. Loan officer orders home mortgage loan documents
7. Buyer obtains homeowners insurance
8. ENG loan experts update you on document status
9. Seven-day pre-closing confirmation
10. Easy, smooth, on-time closing!

Click HERE to learn more about ENG Lending's home mortgage loan process now - or compare mortgages online today

What's the difference between pre-qualification and pre-approval?
A mortgage pre-qualification is basically the lenders opinion of your ability to buy or refinance a home. Requires only basic information and no documentation or credit score. A mortgage pre-approval is the underwriter's decision that you are qualified. Credit check and documentation are required.

Once I sign my application am I committed to borrowing money?
No. Your pre-closing signatures are non-committal but only allow your mortgage banker to negotiate and approve you for a loan.

Internet Statements- Can I use them?
Internet statements are not allowed because they're not yet seen as completely unalterable by Fannie Mae or Freddie Mac. ALL PAGES of a required hard copy statement must be submitted (1 of 5 - all 5) even if the first page is an advertisement.

Who orders the appraisal and survey, and when is it ordered?
Your lender will order the appraisal and survey for you. (Unless your home is new construction and then your builder will order your survey) Most contracts have option periods that allow you to dictate when the appraisal and survey are ordered.

What does "locking my rate" mean?
Locking your interest rate refers to guaranteeing a specific interest rate for a specific period of time. Shorter lock periods usually have lower interest rates. For more information or to compare mortgages and rates, contact ENG Lending's qualified home mortgage loan experts or chat one-on-one now!

Do you "sell" your loans?
ENG Lending serves as both a broker and a banker- meaning we can either service or sell your loan, depending on what best fits your financial situation.

A mortgage banker will originate, process, underwrite, close and fund the loan in-house. ENG Lending is an affiliate of the Bank of England, England, Arkansas.

A mortgage broker will sell your loan to an investor who has guaranteed your loan program, and therefore your loan will be serviced and funded by that investor.

What are origination and discount points?
Origination and Discount points are both a percentage of your loan. Usually 1% of the total amount of the loan. (often tax deductible)• • Clients with low or no down payment can still obtain a loan, but will usually pay a slightly higher interest rate.

What is APR? (Annual Percentage Rate)
Usually higher than your quoted interest rate because it includes, in addition to interest, some of the additional costs of obtaining your financing.

Still have questions about mortgages? No problem! Contact ENG Lending today to compare mortgages, rates and options.